《大行報告》高盛首予騰訊音樂-SW(01698.HK)「沽售」評級 目標價17.1元
高盛發表報告,首次覆蓋研究騰訊音樂-SW(01698.HK),予其股份「沽售」評級,目標價17.1元。
該行相信,騰訊音樂將維持其作為內地最大以音樂為核心線上娛樂平台的龍頭地位,但與短片平台相比,在宏觀經濟復甦放緩的情況下,對集團今年下半年銷售復甦之路、用戶時間花費及變現的份額損失等看法仍然審慎。
高盛估計,集團今年至2025年線上音樂訂閱收入的年均複合增長率為13%,社交娛樂收入料為下跌5%。至於期間總收入及非國際通用會計準則(non-GAAP)盈利的年均複合增長率預期分別為3%及7%。
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